2018

www.usb.ac.za

PhD in

Development
Finance
 MESSAGES

From a business school perspective,

social development in SA happens through
empowering students to understand
their role as responsible leaders
when they go back into society.

Prof Piet Naudé

USB Director

MESSAGE FROM THE DIRECTOR OF USB

Thank you for your interest in the University of Stellenbosch Business School.
We are one of the few so-called Triple Crown schools in the world. These are schools with the three
major international accreditations, namely AACSB, EQUIS and AMBA. In addition, our executive
education programmes, delivered via our private partner, USB-ED, is ranked among the Top 100 in the
world by Financial Times.

You therefore know in advance that the standard of our academic programmes, infrastructure and
learner support is benchmarked against the best. We would also like you to know the following about
USB:

• We are deeply committed to Africa. At the same time, we educate you to function in a global
business world.
• We will lead you to study the latest theories in a particular field while also providing you with
opportunities for practical application in your business.
• We will walk the road to sharpen your critical thinking abilities while also igniting your passion for
better business skills.
• We will widen your strategic vision while also equipping you with operational skills in fields like
responsible leadership, finance and marketing.
• We will carefully select you to enter into one of our programmes, and then engage with you to leave
us as a changed person.

USB is a values-driven school. We embed our values – like integrity, inclusivity, excellence and
innovation – in everything we do.
We are part of Stellenbosch University – the top research university in Africa – and steer our research
agenda to inform business and the content of our curricula. Via our Small Business Academy we create
value for entrepreneurs in low-income areas to improve their businesses and create jobs in their
communities.
Ultimately, USB aims to bring hope to Africa and to the world. Join us in turning this dream into a
reality.

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 Specialise in development finance
to help fill the enormous skills shortage
in this field.

Prof Michael Graham

Head: Development Finance
Programmes

MESSAGE FROM THE PROGRAMME HEAD

Do you as a development finance practitioner want to broaden your knowledge and skills in this
dynamic and complex field? Or are you considering changing your career to the exciting field of
development finance and want a postgraduate programme to hone your skills? Or do you as a
regulator or policy maker want to advance your understanding of the full range of finance policies,
programme models and tools used by development finance practitioners to help you do your
job better? USB’s unique and internationally recognised Development Finance programmes – a
Postgraduate Diploma, MPhil and PhD – have been designed to help you achieve these goals.

The content of these top-quality academic programmes is relevant to the needs of Africa. Hence, this
programme equips participants with a thorough understanding of the special problems of finance in
developing countries, and in Africa in particular.

Be assured of a fascinating learning experience and the opportunity to think creatively and
pragmatically in proffering solutions to development finance challenges in Africa.

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 OVERVIEW

The University of Stellenbosch Business School’s PhD in Development Finance (PhD DevFin) is
awarded on the successful completion of a research-based dissertation. The dissertation must
be based on scientific research and must contribute to and enrich the academic knowledge and
understanding of management theory and professional management practice.

Join a globally linked research community

• Acquire a globally acknowledged PhD: USB is a triple accredited business school (AACSB, EQUIS
and AMBA). In addition, USB is a member of the European Doctoral Programmes Association in
Management and Business Administration (EDAMBA) and the Globally Responsible Leadership
Initiative’s (GRLI’s) Global Doctoral Alliance (GDA), which holds benefits for USB’s doctoral students.
• Engage in meaningful research: As a signatory to the Globally Responsible Leadership Initiative’s
Global Doctoral Alliance, USB is committed to incorporating the societal dimension of business and
sustainability in its PhD research. The GRLI promotes responsible management education to make
the world a better place, asking PhD candidates: What kind of problem can be changed to make the
world a better place?
• Join a research community: At USB, various people are involved in your research – not only your
supervisor. This leads to input and support from a diverse group of academics in a multidisciplinary
environment. USB’s Research Colloquia provides a platform to engage with other PhD candidates
and other scholars. This also gives you the opportunity to present your research to this select
audience and to gain insight from their questions and comments.

Create new knowledge

The PhD (Doctor of Philosophy) implies that the holder is in command of his/her field of study. In
terms of the South African Higher Qualification Framework, the purpose and characteristics of a
doctoral degree are as follows:

“A doctoral degree requires a candidate to undertake research at the most advanced academic level,
culminating in the production, defence and acceptance of a thesis. … The defining characteristic of this
qualification is that the candidate is required to demonstrate high‐level research capability and make
a significant and original academic contribution at the frontiers of a discipline publication. The degree
may be earned through pure discipline‐based research, multidisciplinary research or applied research. …
A graduate should be able to supervise and evaluate the research of others in the area of specialization
concerned.”

As a PhD student at USB you will be expected to pursue supervised research, culminating in a doctoral
dissertation which constitutes the examinable product for which the PhD degree is eventually
awarded. This dissertation must:

• Represent an original and significant contribution to the enrichment and advancement of

knowledge in the chosen area
• Demonstrate originality of thought, a theoretical underpinning, relevance to the discipline and
rigour in execution
• Create intellectual capital, which is the cornerstone of the knowledge society of the 21st century.

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Why the need for development finance knowledge at PhD level?
Over the past two decades, development finance has become increasingly important as events in
domestic and global financial systems continue to highlight the inability of formal financial systems
to support the financing of development. This has provoked debates on the need for alternative
financing avenues. Also, existing PhD programmes in the fields of Economics and Finance do not
sufficiently address the needs of development finance because of its highly specialised nature.

At the level of policy formulation, there is a shortage of research professionals who can make
substantial contributions by applying sound theoretical frameworks, methods and techniques to solve
contemporary and complex development finance problems. This has become even more widespread
with the onset of globalisation and cross-border financial flows which could be either constructive or
destabilising.

USB’s PhD in Development Finance has therefore been designed as a means through which
specialised research can be undertaken in order to ultimately support the growth agendas of
corporates in any industry and countries on any continent.

Why do your PhD in development finance?

USB’s PhD in Development Finance is aimed at supporting the growth agendas of South Africa and
Africa with research at PhD level. This internationally accredited PhD is the first of its kind on the
African continent.

This degree is structured into a course-work component and independent research. The first year of
registration is taken up by course work while the second and subsequent years of registration are
taken up by the research component, which culminates in a PhD thesis.

Doing research at PhD level will enable you to contribute to a crucial understanding of development
finance. It also leads to employable expertise. Advanced knowledge of development finance is
typically required in senior positions in policy-making institutions, governments, public and private
corporations, financial institutions and regional and international organisations.

Who should enrol?

The PhD in Development Finance aims to prepare students for senior-level policy-making positions
in government, public and private corporations, financial institutions and inter-governmental sub-
regional, regional and international organisations. It will also enable candidates to become lecturers at
academic institutions.

Programme overview
Doing advanced research to contribute to new knowledge
This PhD is intended to develop research and discipline-based knowledge and skills in the field of
Development Finance. The programme has been designed to help students develop the skills required
to carry out advanced research and to equip them with a sound understanding of the principles and
theories underpinning development finance practices. The programme consists of:

• A discipline-based core curriculum: This structured course-work component is non-credit bearing

but candidates are required to pass the requisite courses and submit a comprehensive proposal
before proceeding with the dissertation. Participants need to do three core courses at PhD level.
Students who are not graduates of USB’s MPhil in Development Finance (MDevF) programme may

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 be required to do three electives from the MDevF based on their areas of interest.
• An independent research thesis: As a PhD student you will be expected to pursue supervised
research, culminating in a doctoral disser¬tation which constitutes the examinable product for
which the PhD degree is eventually awarded.

Programme format
• First year – 2 blocks of 2 weeks each on campus: In view of the intensive nature of the programme,
USB prefers participants to be fully resident for the first year of the programme to enable them to
cope with the rigours of the course work. The lectures are organised in two blocks of two weeks
each and they will take place between May and June every year. The courses consist of highly
interactive lectures, seminars and case discussions. A student who fails to complete the course work
and the research proposal after the first year may be asked to withdraw from the programme.
• Second and subsequent years: Full registration to work on your PhD thesis. A promoter or study
leader will be appointed once your comprehensive research proposal has been accepted. Once
completed, your submitted dissertation will go through an approval process in which external
examiners are involved. Upon completion of the PhD the registrant will be awarded the degree of
Doctor of Philosophy (PhD) in Development Finance by Stellenbosch University.

Registration
A minimum registration period of two years is required. During the first year, students are granted
provisional registration for the PhD. Full registration for the PhD will only be allowed after the
successful completion of the course work and finalisation of the research proposal.

Structured course work

During their first year, students need to do the following three compulsory courses at PhD level:
Advanced Research Techniques, Advanced Theory and Practice of Development Finance and Global
Development Finance. This will enable them to prepare and submit a research proposal on which to
base the research part of the PhD thesis.

Advanced Research Techniques

This programme is designed to help students develop the skills to carry out advanced research in
the field of Development Finance and related fields. A major concern among policy makers and
donor agencies is how to monitor the performance and evaluate the impact of development finance
intervention programmes. Hence, this course covers the skills required to gather and analyse data
in order to effectively monitor and evaluate development finance programmes. This course also
introduces students to the various research designs and methods suitable for both qualitative and
quantitative data gathering and analyses. The course is organised into four parts:
• Part 1: Students are exposed to the philosophies of research, addressing questions such as: What
kinds of research are there? How does one evaluate the quality of a piece of research? What is
the process a researcher goes through? In essence, this part stresses the philosophy and research
paradigms.
• Part 2: Students are exposed to data gathering techniques such as primary and secondary data
as well as qualitative and quantitative data. This part stresses how to improve the quality of data
gathered and how to assess its worth.
• Part 3: Students are exposed to advanced techniques of data analysis with emphasis on quantitative
analytical techniques, specifically focusing on applied statistical and advanced econometrics
techniques.

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• Part 4: Students are drilled in advanced academic writing. This part develops students’ ability
to present arguments in a logical, concise and critical manner. It also stresses the quality of
presentation in academic writing.

Advanced Theory and Practice of Development Finance

This course is specially designed to deepen students’ knowledge of the theories, principles and
empirics of development finance practices that prevail among national development finance
programmes. This will enable students to apply the relevant principles in the context of a developing
economy. To lay the foundation for the analysis and evaluation of development finance cases,
programmes and policies, the course presents, within the context of development finance, the
micro foundation theory of market failure, choice under uncertainty, exchange under uncertainty,
asymmetric information, incomplete markets and transaction costs. The course demonstrates
how such theories influence the design of common development finance practices. A range of
development finance practices – such as microfinance schemes, loan guarantee schemes, direct loan
schemes and project finance schemes – are also included.

Upon completion of the course, students should be adequately equipped to:

• Carry out at an advanced level the evaluation and design of common development finance
practices globally
• Creatively advance the frontier of practices of development finance within the context of Africa and
developing countries in general.

Global Development Finance

Development finance is not limited to national initiatives. Globally, there is increasing realisation of
the need to attract foreign capital for national development. Foreign capital flows could take the
form of foreign direct investment (FDI), foreign equity capital, foreign debt, foreign aid or official
development assistance and increasingly remittances. The role of such capital flows and how best to
attract and utilise them, especially in developing countries, remain a crucial policy debate. Moreover,
the operations of multilateral and international financial institutions and their protocols are complex.
Also, the debate around regional financial integration and the consequent policy advocacy as a
mechanism of developing the domestic financial markets and expanding access to foreign capital as a
way to develop the domestic economies have reached an unprecedented scale in the last decade. This
course therefore focuses on these and other issues. The course also demonstrates the nexus between
developments in the global financial arena and domestic financial markets. It explores how global
financial markets can bridge the gap between domestic resource mobilisation and financing needs in
Africa. The course also stresses the roles of external finance for development and the mechanisms for
attracting them, and the dynamics of multilateral institutional arrangements.

Upon completion of the course, students will be well equipped to:

• Contribute meaningfully to the analysis and understanding of the issues in Africa
• Play a leading role in charting a course for Africa.

Doing independent research

The structured course work part of the programme will enable you to produce a research proposal
on which to base your PhD research. Once your PhD research proposal has been accepted, you will
receive full registration as a PhD student (from your second year onwards). A promoter or study leader
will be appointed once your comprehensive research proposal has been accepted.

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Once completed, your submitted dissertation will go through an approval process in which external
examiners are involved. Upon completion of the PhD the registrant will be awarded the degree of
Doctor of Philosophy (PhD) in Development Finance by Stellenbosch University.

Admission requirements
As a result of the multi-disciplinary nature of the programme, admission requirements include:
• A well-recognised master’s degree in Development Finance, Economics, Finance or allied field
• A strong quantitative background.

The selection panel may also consider candidates who do not comply with these requirements but
who have sufficient experience in development finance policy-making after a general master’s degree.

Important dates
Deadline for applications: 31 July each year (but late applications of merit may be considered)

The dates of the two course-work blocks during first year are:
• Block 1: 15 – 27 January 2018 (Research and part of Global Development Finance)
• Block 2: 7 - 19 May 2018 (Part of Global Development Finance, and Development Finance)

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 PROGRAMME FEES

Fees
The 2018 fees quoted below are provisional and subject to approval by Stellenbosch University’s
Student Fees Committee.

Programme fees for 2018

2018 2019
(1st year of (2nd year of Total
registration) registration)

Students from South Africa R84 117 R42 059 R126 176

Students from Southern African Development

R87 812 R45 754 R133 566
Community (SADC) countries
International students from the rest of the world
R100 339 R54 074 R154 413
(non-SADC countries)

Deposit payable on acceptance of admission

Students from South Africa R 9 180

Students from Southern African Development Community (SADC) countries R43 906

International students from the rest of the world (non-SADC countries) R50 169

Application fee

Application fee (non-refundable; applicable to all students) R670

Continuation fee

Continuation fee per annum from 3rd year of registration onwards R5 440

Notes
• South African students can pay the full programme fees upon registration or they can pay 75% of
the annual fees by the end of May and the balance of 25% by the end of September.
• The fees for 2nd year of enrolment and subsequent years of enrolment will be adjusted to make
provision for annual price increases.
• Deposit: All students pay a deposit on acceptance of admission. Foreign students must pay a
deposit of 50% of the annual programme fees on acceptance to the programme and the balance
prior to, or upon registration. The deposit is deducted from the programme fee. The deposit payable
is non-refundable.
• Application fee: The application fee must accompany the application. The application fee is not
refundable.
• €1 = about R14.36; US$ 1 = about R12.86 (29 May 2017).
• Students are responsible for their own travel and accommodation arrangements and costs.
• USB reserves the right to change the fees at any time.

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Scholarships

Scholarships will be provided for a limited number of full-time students on a competitive basis. The
scholarships are awarded for one year in the first instance, and are renewable based on performance.

Financial and operational support

Financial support is available for registered PhD students on a competitive basis to assist them to:
• Present papers at appropriate academic conferences and workshops
• Participate in courses which offer relevant research
• Attend workshops hosted by organisations of which USB is a member, such as the EDAMBA Summer
Research Academy.
• This support is not comprehensive and students are advised to budget for these activities.
• USB’s PhD students enjoy access to the business school’s services and facilities. These include:
o Online and physical access to Stellenbosch University’s library services
o USB’s library (USBI) and the services of our on-campus librarians
o Access to a shared office at USB, as well as IT facilities and other support services
o USB’s online learning platform where news and information regarding our PhD programme is
distributed.
• USB is also eager to employ its PhD students to support the school’s teaching and learning activities
where their qualifications are appropriate. Such activities include:
o Supervision of MBA and MPhil research assignments
o Teaching on MBA, MPhil and Postgraduate Diploma and/or Executive Education courses
o Research support activities
o Academic administration.

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 HOW TO APPLY

Before you start

• You will be able to complete the form in steps without losing information.
• The online application form consists of various sections. In order to process to the next section,
all the information in the current section must be completed and accepted by the information
management system.
• The application process is the same for South African and foreign students.
• It is best to use Google Chrome as web browser when completing your application.

The application process

Go to www.USB.ac.za/apply and complete the online PGD Development Finance application form by
completing each of the following sections:

Section 1: Personal details

Section 2: Address details
Section 3: Work and studies
Section 4: Marketing
Section 5: Documentation

Upload the following supporting documentation:

o Proof of application fee payment
o Detailed CV (see below)
o Certified copies of degree certificates (which must include a transcript of the subjects)
o Motivational essay (see below)
o Proof of school-leaving mathematics results
o Copy of your ID (or passport for non-SA students)
o Marriage certificate (where the applicant’s new surname does not match that on the degree
certificates).

Section 6: Payment

You need to pay your application fee.

• Application fee: Bank: Standard Bank; Type of account: cheque account; Account name: US
Business School; Account number: 073003069; Branch name: Stellenbosch; Branch code: 050610;
Beneficiary name: Stellenbosch University; SWIFT code: SBZAZAJJ. Proof of payment of your
application fee and SHL fee should be e-mailed to the cashier at payments@usb.ac.za.

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Section 7: Status

What happens next?

Your application can only be assessed by the selection panel, headed by USB’s head of Doctoral
Programmes, if it is accompanied by all the appropriate supporting documents. The outcome of
the selection process will be made known within 30 days or as soon as possible thereafter. (If your
qualifications are not from a South African university and/or you are not a South African national,
please allow more time for the processing of your application.)

Motivational essay
Write an essay of about 250 words to describe:
• Those academic and/or professional achievements that inform your aspiration to do a PhD and your
particular research interest
• Your educational goals and professional aims
• Any information not evident from the rest of your application package which can assist the
Admissions Committee to assess the value of your proposed research.

Curriculum vitae (CV)

Your CV must contain:
• Details of your studies to date
• Particulars of previous research experience, including any published articles and papers presented
at conferences
• An overview of your activities after the completion of your master’s degree
• Two references who can be contacted to comment on your abilities and who can support your
motivation for wanting to commence with PhD research.

Preparation for doctoral studies

USB Executive Development Ltd (USB-ED) at USB offers a 5-day Doctoral Research Training Programme
(DRTP) for candidates to prepare themselves for PhD study and an initial research proposal. The DRTP
is applicable to prospective PhD candidates in any field of study and from any university or business
school. We recommend you consider this programme or another like it before you apply for PhD study.

Various books are also available to assist those preparing for doctoral study and for proposal writing in
particular.

Stellenbosch Library provides library access for prospective PhD students to assist them in their
development of their initial proposal.

The African Doctoral Academy at Stellenbosch University offers additional courses for pre-doctoral
and doctoral students in January and July every year that may be of particular interest. These courses
are not included in USB’s fees.

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 CONTACT US

PHD IN DEVELOPMENT FINANCE

+27 (0)21 918 4246 | PhDDevFin@usb.ac.za
www.usb.ac.za/phddevfin
Carl Cronjé Drive, Bellville 7530, Cape Town, South Africa

PhD Admissions Office: Ms Ashlene Appollis

Telephone: +27 (0)21 918 4205 | E‐mail: appollisa@sun.ac.za

Academic aspects of USB’s doctoral programme:

Head of PhD MBA – Dr Annabel Vanroose
E‐mail: annabel@sun.ac.za

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 countries in AFRICA

countries in EUROPE countries in ASIA

WHERE
USB’S ALUMNI
COME FROM
countries in the AMERICAS AUSTRALIA and NEW ZEALAND